From July 5 to 11, 2021, the cryptocurrency market appears again with a downward trend. About 90% of altcoins saw price drops, according to Coin Check Up statistics.
Amid the market downturn, a few cryptocurrencies are showing growth. The weekly top is headed by decentraland (MANA), which this week opens an event for the exhibition and sale of digital art, including works in NFT format.
They follow him beam (BEAM), which this week announced the launch of BeamX a new layer built on its blockchain; Y avalanche (AVAX), which is preparing to launch a new bridge with Ethereum.
The top closes with aragon (ANT), which built a new governance framework on Ethereum’s Rinkeby testnet.
The price of bitcoin shows a downward trend again this week, after having recovered part of its value in previous days. On average, the pioneer cryptocurrency lost 4% in seven days, to trade at USD 33,964 at the time of writing.
Despite the drop, BTC has remained stable, lateralized between $ 30,000 and $ 35,000 for more than a month. On this, the market analyst Willy Woo points out that the data observed in the blockchain show bullish characteristics. It ensures that long-term investors continue to accumulate the cryptocurrency quietly, without the market noticing, which generates a supply shock.
Ether (ETH), Ethereum’s native cryptocurrency, is also falling in price. This week it moved between $ 2,065 and $ 2,395 in seven days. On average it decreased by 7%. Even so, it maintains an upward predisposition in the last hours
In this regard, the investment bank Goldman Sachs said a few days ago that ETH could surpass bitcoin as a store of digital value in the coming years. As reported by CriptoNoticias, the firm argues that Ethereum “seems the cryptocurrency with the greatest potential for real use and is the most popular for the development of applications based on smart contracts.”
The prices of other relevant cryptocurrencies by market capitalization also fall with bitcoin. XRP loses 9%, while litecoin (LTC) depreciates by 7%. Meanwhile, the value of Polkadot (DOT) falls by 2%; and cardano (ADA) fell by more than 6%.
Decentraland markets NFT within the framework of the «Art Week»
This July 8 began the celebration of the “Art Week” in the virtual world of the Decentraland platform, where a series of digital works, including non-fungible tokens (NFT) will be available for sale until July 18.
The news was released on Decentraland’s Twitter account and appears to have favorably influenced the price of the network’s native token, MANA, which began a period of advancement after the announcement, with some corrections in the following days. The value of cryptocurrency ranged from $ 0.5402 to a high of $ 0.8366, amount to which it arrived on July 8. On average, the crypto asset rose more than 30% in seven days.
Art Week includes the presentation of musical performances, parties and giveaways, notes the blockchain team. In this context, the adult content magazine Playboy returns to Decentraland. The iconic brand joins SuperRare for the Miami Beach art collection, where they will put some NFTs that they have put up for sale.
At press time, MANA’s market capitalization is USD 1.26 billion and daily trade volume is USD 312 million.
The price of MANA started to rise from July 8, when it peaked at $ 0.8366. Source: Coin Check Up.
Beam activates new layer for a privacy-based DeFi ecosystem
A few days ago the launch of BeamX was announced, a layer created by the Beam team of developers for the decentralized finance (DeFi) ecosystem of the blockchain to run there.
BeamX is enabled for smart contract development, a new feature that you want to incorporate into this platform, focused on privacy through the MimbleWimble protocol. As the publication of the project explains, “BeamX offers a completely new DeFi ecosystem, based on privacy and maximum confidentiality by default.”
The new second layer network is powered by the BEAMX token and the governance system is identified as BeamX DAO. The team’s plan is to transition in the near future from the governance system led by the Beam Foundation to operate as a decentralized autonomous organization (DAO).
Meanwhile, the BEAM price, the network’s native cryptocurrency, remained with constant rises and falls for most of the week, oscillating between USD 0.4000 and USD 0.5000. As of this July 11, it registers a strong rise reaching a maximum of USD 0.6396. On average he gained more than 27% in these seven days.
BEAM’s market capitalization is USD 47 million and daily trade volume is USD 40 million.
BEAM’s price reached a maximum of USD 0.6396 on July 11, growing on average more than 27%. Source: Coin Check Up.
Avalanche to launch new bridge with Ethereum
According to the information released by the Avalanche team since July 8, in the coming weeks there will be the launch of a next generation of Avalanche Bridge (AB), a protocol that links this blockchain with the Ethereum network. It is a bridge that allows moving Ethereum’s native ERC-20 standard assets to the Avalanche ecosystem.
According to the publication, Avalanche Bridge It will replace the existing AEB bridge from January this year. They ensure that the new version will provide a significantly better user experience, with greater security, faster and lower rates. “It is estimated to be 10 times faster and 5 times cheaper than AEB,” they say.
“As part of the launch of the new bridge, the existing assets that are in the AEB will be migrated to the new AB. After the launch, all assets that cross the AEB will be able to use the AB to return to Ethereum, benefiting from the performance and economic improvements mentioned above, ”the brief explains.
Meanwhile, the price of AVAX, the network’s native cryptocurrency, started a breakthrough period on July 5 That took it to a peak of $ 14 on July 8. On that same date, the cryptocurrency falls substantially and a series of corrections follow the following days.
As of this July 10, it again registers a slight upward trend, although its value falls in the last hours. On average he gained more than 1% in these seven days.
The market capitalization of AVAX is USD 2.12 billion and the daily trade volume is USD 57.24 billion.
The price of AVAX ranged between $ 13 and $ 14 from July 6 to 8, before falling the following days. On average, it rose just over 1.4%. Source: Coin Check Up.
New Aragon Governance Framework Available on Ethereum
Aragon Govern is a new governance framework created by the Aragon project team and its digital tribunal on Ethereum, which was activated on the Rinkeby testnet this week.
According to the information published by the project on Twitter, this system offers DAOs the possibility of using the so-called ‘vague’ or ‘optimistic governance’ consensus. It allows all proposals to be approved by default, unless they are specifically questioned in the Court of Aragon during a period of delay in execution.
This is “an extremely efficient and scalable way to manage DAOs,” the post clarifies. He adds that the new system enables a kind of “lazy consensus,” which ensures that uncontroversial decisions can be made quickly and frequently, without exhausting voters. At the same time, “malicious or divisive proposals can be resolved fairly and transparently when necessary.”
The price of the ANT token, which runs on this network, rises at the time of this news being known on July 6. It rises to highs that are around 4 dollars until July 8, although it falls the following days. This decline minimized its average growth. The weekly advance was just over 1%.
Aragon is a blockchain-based business management platform built on the Ethereum mainnet. The main focus is to allow organization creators and managers to function in a decentralized manner. The team offers organization managers access to Aragon’s business functions such as payroll management, accounting, fundraising, and token distribution.
The current capitalization of ANT is USD 150 million and the daily trading volume is USD 8.7 million.
The price of ANT exceeded 4 dollars on July 6 to 8, growing on average more than 1% in these seven days. Source: Coin Check Up.